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nmchary
Jan 31, 2023 1:38 PM

S&P500 Technical Analysis-2023 

S&P 500SP

Description

Hello everyone, hope you all are doing good.

Bullish Probability:(at least one or two weekly candle closes above 4100 than there is a possibility of this playing out).
There is an active Bullish Divergence playing out in RSI, so there are chances S&P500 may put new high above 5k.
If S&P500 put new High, then it can be a Triple Bearish Divergences, so after that it can be a massive dump of markets.
In this case the 1st Bottom will be 3500, so the 2nd Bottom can be massive drop from 5k to 2000, previously S&P500 dropped its 2nd Bottom from 1580 to 670(-57%).


Bearish Probability:(at least one or two Weekly candle closes below 3700 than there is a possibility of this playing out)
Currently the Fractal of SnP500 looks like similar to the previous oct-2001 to july-2002 Fractal.
S&P500 -> falling in a Descending parallel channel -> Breakout/Fake Out little and finally put lower low or 1st Bottom.
If this plays out than RSI may fall below 30 - invalidating the current Bullish Divergences. (Sometimes Divergences get invalidated due to forceful movement of Markets).
Target = around 3200 OR there is a possibility to fall on the sky Blue trendline.


Thank you, please like and share, if you have any questions please comment.
Comments
UnknownUnicorn10828932
hello boss
i really like to know your opinion about vai
nmchary
@reza_1515, daywise- 11thdec-wave1, 9thjan-wave3, 7thfeb wave5. wave3 and wave 5 will always have bearish Divergence only than it is valid.
so now it can be ABC correction, it can come down somewhere to 0.04 to 0.052
UnknownUnicorn10828932
thanks for giving me your time
i agree about the end of abc at 0.04_0.05
where is your target for the next impulse
and have a look at my last post to know what i see
UnknownUnicorn10828932
@nmchary and i also ask you to give me a chart of unfi
i can't know the wave count on it but i think it could have nice scenario
matejkocvara1
Exactly
JoeChampion
Great view!
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